A compound represented by the formula (III):
its salt, or a solvate thereof is known to show an inhibitory activity to 11βHSD-1. A pharmaceutical composition comprising the compound is also known to be useful as a medicament for treatment of type II diabetes (Patent Document 1 or Patent Document 2).
Example 69 of Patent Document 1 discloses the following process for producing the above compound.

Example 1 of Patent Document 2 discloses the following process for producing the above compound.

Example 84 of Patent Document 2 discloses the following process.

Moreover, Patent Document 3 discloses a compound represented by the formula:

The intermediate of the present invention and the process for producing the compound represented by the formula (III) using the intermediate have not been disclosed in any documents.